FinCanna Capital Corp., a royalty company for licensed medical cannabis, and Astar Minerals Ltd. (TSX.V: TAR) this morning announced that FinCanna will share 50 percent of the profits from Cultivation Technologies’ (“CTI”) interim medical cannabis extraction facility operating in Coachella, California. The new arrangement, which commenced on October 1, 2017, is expected to provide FinCanna with a source of monthly revenue before the construction of CTI’s Coachella campus is completed as planned. As noted in a news release issued on September 12, 2017, this interim medical cannabis extraction facility on the Coachella premises was established in accordance with CTI’s Conditional Use Permit, and, per this morning’s update, it has already begun to produce medical extracts for sale. “Our new arrangement with CTI provides us an immediate source of revenues from the Coachella Campus sooner than was originally contemplated under our original funding agreement, as we now no longer have to wait until the permanent facility is completed,” Andriyko Herchak, president and CEO of FinCanna, stated in the news release. “Moreover, as our flagship investment, the initiation of revenue from CTI also proves out our well-structured royalty investment model.”
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FinCanna Capital Corp. and Astar Minerals Ltd. (TSX.V: TAR) Announce Profit Sharing Agreement with Cultivation Technologies, Inc.
